Continental Halts Bakken Drilling And Looks Toward Argentina

Continental Resources has halted drilling in North Dakota’s Bakken shale, a move founder Harold Hamm says reflects the economic reality of today’s oil prices.

Hamm told Bloomberg that oil prices in the $50 to $60 per barrel range leave little incentive to drill outside the most productive U.S. oil fields. In a March 2025 interview, he said higher-cost shale plays need significantly stronger prices to justify new development.

“When you get below the cost of supply, you can’t ‘drill, baby, drill,’” Hamm said.

The decision marks the first time in more than 30 years that Continental has no active drilling rigs in North Dakota. Hamm confirmed the pause in a recent interview with Bloomberg.

“This will be the first time in over 30 years that Harold Hamm has not had an operation with drilling rigs in North Dakota,” he said. “There’s no need to drill it when margins are basically gone.”

The Bakken has been central to Continental’s growth since Hamm drilled his first well there in 2003. The shale formation has produced more than 6 billion barrels of oil and helped drive North Dakota production to record levels of about 1.3 million barrels per day in the late 2010s.

States continue to face declining rig counts as companies shift their focus to more profitable areas.

While drilling has stopped in North Dakota, Continental is expanding to other parts of the globe. The company has acquired stakes in Argentina's Vaca Muerta shale, including recent deals with Pluspetrol SA and Pan American Energy, according to Bloomberg.

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Hamm has said oil prices would need to be closer to $80 per barrel to support development outside the most efficient U.S. basins. Until then, drilling activity in areas like the Bakken is likely to remain limited.